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Pattie Lovett-Reid

Chief Financial Commentator, CTV


American Express is banking on millennials wanting a credit card targeted specifically to them with the launch of a new credit card called ‘Cobalt.’

The unique rewards program is aligned to a generation known for active social lives, and a passion for food, travel, and entertainment. Cobalt was designed to reward card members for simply doing the things they like to do. 

In fact, the highest points are for food and drink, and an innovative points accelerator that expands travel to include flights, accommodation, taxi, Uber and public transit. Add to this a welcome bonus of up to 40,000, no blackout dates, seat restrictions, inventory control, or minimum booking windows. All for a monthly fee of $10 per month.

But do millennials really need a targeted credit card? Probably not. Do they want one? Probably.

Millennials around the world have gained a reputation for cultivating spending habits that could threaten their financial futures. From frequent trips to exotic locations, to avocado toast, some of the generations' most popular purchases are being blamed for their inability to afford housing in major urban centres. 

Now to be fair, not all millennials are the same and not all spend as if there is no tomorrow. Many are working hard for their first down payment on a home and realizing the dream. While others may not want a home at all. But still you have to wonder, can daily lattes, Uber and dining out really ruin their dreams of owning a home if that is a financial goal? 

For those who do want a home, you may have to make a few compromises. has crunched the numbers to figure out how many everyday luxuries millennials must give up to afford a down payment in an average Canadian city. 

Here's what they found:

To afford a $47,225 down payment (10 per cent) on a home valued at $472,247 (average home price in Canada), a millennial must give up: 

  • 11,806 Starbucks lattes 
  • 3,148 takeout meals 
  • 2,880 Uber trips 
  • 1,889 brunches 
  • 727 nights out ​

An informed decision is always a better decision and only the millennial can decide if it is the right decision for them.